Edison Investment Research - SU (SUS) Outlook: Growth opportunities and delivery

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Edison Investment Research

Outlook: Growth opportunities and delivery

S&U Group is fundamentally changing following the sale of its home collect business (Â£50.5m profit on disposal and a Â£1.25 special dividend). Resources (S&U currently has net cash) will be devoted to accelerated growth in motor finance and SME specialist lending. The special dividend was below our forecast, but reflects management confidence in its opportunities. H116 motor division profits (Â£9.7m, Â£7.7m in H115) were ahead of the run rate of our estimates, primarily due to better impairments.

01/10/2015 12 EN

Underlying

S&U

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United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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S&U - Set for further growth with tighter credit criteria

S&Uâ€™s core non-prime motor finance business, Advantage, has delivered 18 consecutive years of profit growth, including a 20% increase in FY18. A mix change towards higher-risk customers meant a higher rate of impairment but the risk-adjusted return on receivables only declined slightly and, looking ahead, should be at least stable following a tightening of criteria. Meanwhile, the scope for profitable receivables growth seems good given a market share of c 1% and, separately, the property bridging pilot could provide an interesting diversifying source of growth.

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Update: Strong growth, strong balance sheet

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Outlook: Growth opportunities and delivery

S&U - Set for further growth with tighter credit criteria

Update: Strong growth, strong balance sheet

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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